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Barney Frank Backtracks On GSE Statement, Realizes Put Foot In Mouth Yet Again

Tyler Durden's picture




 

March 5, 2010                                                   

Statement by Chairman Barney Frank

Washington, DC – Today, House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement:

“I have been asked some questions by members of the media and others about my noting the distinction between the legal status of Fannie Mae and Freddie Mac debt and the debt of the U.S. Treasury. Throughout the debate over Fannie and Freddie in past years, I have noted that Fannie and Freddie debt did not have the same legal standing as Treasury debt. This does not prevent the Treasury from treating the debt of Fannie and Freddie in the manner that it believes best supports the important goal of stabilizing the financial system. Specifically, I support the intention of the Treasury to stand fully behind the terms of its December 24 statement with regard to Fannie and Freddie debt. It is also the case in going forward, as we restructure housing finance, we will make sure that there are no implicit guarantees, hints, suggestions, or winks and nods. We will be explicit about what is and is not an obligation of the federal government.

“To reiterate, I continue to think that it would be a mistake for Congress to take action that formally conferred on Fannie and Freddie debt the legal status of debt issued by the Treasury. But nothing in that position prevents Treasury from acting as it thinks best with regard to its obligation to provide stability to the housing market and the financial system.”

 

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Fri, 03/05/2010 - 14:35 | 255095 hedgeless_horseman
hedgeless_horseman's picture

To reiterate, A≠A.

Fri, 03/05/2010 - 14:39 | 255099 Anonymouse
Anonymouse's picture

Barney meet woodshed.

Woodshed - Barney.

Fri, 03/05/2010 - 16:56 | 255347 Anonymous
Anonymous's picture

Barney, the big dumb purple dinosaur, extinct in all capacity except for grinding some guys' leg.

Fri, 03/05/2010 - 21:09 | 255708 albion402
albion402's picture

Well, it was only his foot...

Fri, 03/05/2010 - 21:10 | 255709 albion402
albion402's picture

Well, it was only his foot...

Fri, 03/05/2010 - 14:41 | 255102 waterdog
waterdog's picture

And I would like to make very clear that I see these two instruments not as debt but only as an obligation.

 

Fri, 03/05/2010 - 14:45 | 255107 Rick64
Rick64's picture

Barney Frank Backtracks On GSE Statement, Realizes Put Foot In Mouth Yet Again

I hope he leaves it there.

Fri, 03/05/2010 - 14:52 | 255121 rawsienna
rawsienna's picture

Dont think it his foot in his mouth - but rather ....

Fri, 03/05/2010 - 14:51 | 255119 Anonymous
Anonymous's picture

Wouldn't raising the max loan limits like they did in CA be a good way expedite the housing recovery? How about allowing assumability of mortgage as well.

Fri, 03/05/2010 - 15:15 | 255167 ghostfaceinvestah
ghostfaceinvestah's picture

Assumable mortgages?  And kill all the mortgage origination fees the banks and brokers generate?

 

Who do you think funds Congress?

Fri, 03/05/2010 - 18:14 | 255479 rawsienna
rawsienna's picture

larger loans=larger losses.  As long as they are 75 ltv and 720+ fico and youcharge a proper guarantee fee of 75-100 bp I am all for it. Problem is if you do that you will not have enough "qualified" borrowers.

Fri, 03/05/2010 - 19:26 | 255135 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I tink Bawnee Fwaink mumbles so 'merica doethn't understend wa he thes.

"Specifikwee, I thuppolt the intenthion of the Tweathuweey to than folweey behind the termth of ith Dethembewll 24th thatement wifth weegald to Fannie and Fweddie dep."

Hith foot ith alwayth halfway in hith mouff.

Fri, 03/05/2010 - 15:03 | 255137 Anonymous
Anonymous's picture

Backtrack? Foot in mouth? Or maybe he's cultivating good old-fashioned "constructive ambiguity"?

Fri, 03/05/2010 - 15:12 | 255154 Gimp
Gimp's picture

The reason we all hate these slimey politicians.

Fri, 03/05/2010 - 15:13 | 255160 Ludic Fallacy
Ludic Fallacy's picture

I tink Bawnee Fwaink mumbles so 'merica doethn't understend wa he thes.

"Specifikwee, I thuppolt the intenthion of the Tweathuweey to than folweey behind the termth of ith Dethembewll 24th thatement wifth weegald to Fannie and Fweddie dep."

 

Thaths ignowant.

Fri, 03/05/2010 - 15:19 | 255176 knukles
knukles's picture

Tatsss funeeeeeee! 

Fri, 03/05/2010 - 15:25 | 255192 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

spethifikwee what i view athim na ownwee hafin a speethimpedimen he mubthes anrunthhthwerlth togeffawtho iu haf to effawe weepway the tawp ow dithwegald wha he theth compweetwee. 

Perfect cover for the NWO to have as a pawn on the chessboard.  Americans are ignorant but somewhat understanding people, but if ever they heard AND understood wtf Bawbidedee Fwank wath thaieen, ee would be talled an fevell'd. 

Fri, 03/05/2010 - 15:44 | 255230 knukles
knukles's picture

No.  It's a put on for the sympathy vote.

And Americans are not ignorant.  The most ignorant country is Europe.

Fri, 03/05/2010 - 15:51 | 255251 Howard_Beale
Howard_Beale's picture

You got a little Sarah Palinitis? Europe is not a country.

Fri, 03/05/2010 - 16:01 | 255253 knukles
knukles's picture

Uh huh. 

Fri, 03/05/2010 - 17:22 | 255393 Anonymous
Anonymous's picture

WOW great catch howard_beale...

Fri, 03/05/2010 - 15:16 | 255169 ghostfaceinvestah
ghostfaceinvestah's picture

So it sounds like "I meant what I said, but Treasury can and will do whatever it wants".

Fri, 03/05/2010 - 15:17 | 255173 Postal
Postal's picture

He qualifies for an "intellectually subprime" loan.

Fri, 03/05/2010 - 17:23 | 255395 Anonymous
Anonymous's picture

*1,000

bravo.

Fri, 03/05/2010 - 15:18 | 255174 knukles
knukles's picture

And just when I was gettin' hard, Barneeee!

Fri, 03/05/2010 - 15:45 | 255238 bugs_
bugs_'s picture

That was just pre-election leftist code talk y'all
just like closing gitmo, withdrawing from iraq,
having terrorist trials in civilian courts, not
renewing the patriot act, etc etc.

Fri, 03/05/2010 - 15:48 | 255243 BlackBeard
BlackBeard's picture

If you mean "foot" as in "big gay dick" then I agree.

Sat, 03/06/2010 - 00:42 | 255274 MarketTruth
MarketTruth's picture

Someone at the fed must have shown Barney a few compromising pics they have of him and threatened to go public with them.

S.O.P.

Either that or the US Fed shows Barney an 'unseen' video of Kennedy being assassinated. Either way, Bwaney Fwank got the message loud and clear.

Fri, 03/05/2010 - 16:10 | 255276 buzzsaw99
buzzsaw99's picture

HAHAHAHAHAHAHAHAHA!!

 

WHAT A MAROON!!

Fri, 03/05/2010 - 17:27 | 255401 Anonymous
Anonymous's picture

yes, however as moronic as he is, he is probably smarter than everyone else in congress. probably smarter than everyone in the executive branch as well.

Fri, 03/05/2010 - 18:23 | 255501 Fidel Sarcastro
Fidel Sarcastro's picture

Smarter than The Chosen One?  Impossible.

Fri, 03/05/2010 - 20:46 | 255684 35Pete
35Pete's picture

You talkin' about Black Jebus? I knew a hard leftie guy on another site that worships him and would call him that because he assumed that anyone critical of him was racist and in some odd way he way taunting them. 

Fri, 03/05/2010 - 20:53 | 255693 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Frank is Kerry is Bush is Obama is etc...same puppet different look.  like Spears is Aguilarra is Simpson is Shakira is Rihanna....same thing!

Shall we debate Beyonce's lack of range?  or the fact that Simpson can not dance?  We must change the SYSTEM!  who cares about the puppet, when the music is worthless.

Fri, 03/05/2010 - 16:17 | 255287 Gimp
Gimp's picture

Barney reversed himself because he wanted the gay pictures the Fed had for his collection. LOL 

Wears that Wabbit?

Fri, 03/05/2010 - 17:16 | 255379 Harbourcity
Harbourcity's picture

If Barney can keep coming up with these gems maybe it's worth having him around a little longer... nothing like backpeddling to draw attention to the inequities and idiocy of the US government.

 

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